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The World Gold Council has adopted guidance recommending that gold producers publish annual lists linking each doré-producing mine to the refiners receiving its metal. The framework seeks to improve visibility into supply chains, but it is voluntary and does not by itself verify that gold was responsibly sourced.
The World Gold Council has adopted guidance urging gold producers to disclose which refiners receive doré from each operating mine, in a move intended to make gold supply chains more transparent. The framework recommends annual reporting but does not create a legal requirement or set a first reporting deadline.
The guidance calls on companies producing doré—partly refined gold-and-silver bars typically poured at mine sites—to publish each mine’s name, state or region, country, the refiner receiving its metal and the refiner’s country. If a mine sends doré to more than one refiner, the council says each recipient should be listed.
Companies may publish the information in an annual report, sustainability report or equivalent publication. The recommendation covers the preceding 12 months. It also applies to members using toll processing when they retain legal custody of the gold until export, according to the guidance.
The framework permits exclusions for sensitive commercial information and details that could put workers’ safety at risk. It does not require shipment weights or disclosure of transport companies, routes, traders or exporters. Gold shipped as concentrate, carbon fines or low-grade sweepings is outside the guidance, which the council says reflects those materials’ different handling and confidentiality concerns.
More Visibility Between Mines and Refiners
Publishing mine-to-refiner links could give investors, regulators, downstream buyers and other stakeholders a clearer starting point for tracing gold through the supply chain. A public list may make it easier to see which refiner handles a mine’s output and to ask questions when sourcing risks arise.
But the disclosure is not proof that gold is responsibly sourced. Identifying a mine and its refiner does not establish how the metal was produced, whether it financed criminal activity, or whether all intermediaries and shipments have been accounted for. The permitted omissions also mean the lists will not show every step between a mine and a refinery.
The measure’s practical effect will depend on how many producers follow the recommendation, how consistently they report and whether the information can be checked against other records. Because the framework is not a legal reporting rule and specifies no penalties, it relies on companies’ participation and external scrutiny.
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A 2023 Pledge Becomes Reporting Guidance
The council’s new format follows a September 2023 commitment by members to disclose their refining partners. At the time, 33 members with operating mines—together producing about 1,300 tonnes of gold annually—committed to name refining partners at least once a year for operations whose primary revenue came from gold production. They also pledged to join the Gold Bar Integrity platform and provide production data confidentially to refining partners.
The latest guidance sets out a common format for that public disclosure while recognizing some commercial and security exclusions. It comes amid scrutiny of gold provenance in the Americas. The Northern Miner’s report describes New York Times investigations into Latin American gold entering North American supply chains. In April, the Royal Canadian Mint said it would expand sourcing disclosures after the newspaper reported that some gold it refined may have come from Colombian cartel-controlled mines. The Mint said it had suspended refining material from the supply chain in question.
The Times also reported in September that Venezuelan doré shipped to the United States under a Trafigura agreement with state-owned miner Minerven remained in storage because refiners were unwilling to handle it. Trafigura disputed several points in that account in comments to The Northern Miner. These cases illustrate the scrutiny around provenance, but they do not establish that the council’s disclosure guidance will resolve such questions.
“It gives downstream partners, investors, regulators and other stakeholders more confidence in the integrity of the market while making it harder for opaque or irresponsible practices to hide in complexity.”
— Vivien Glass, the World Gold Council’s head of supply chain integrity
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Deadlines and Enforcement Remain Open
The guidance does not specify the first reporting year or a deadline for publication. The Northern Miner reported that a council spokesperson did not immediately reply to an email seeking clarification. It is also unclear how widely companies beyond council members will adopt the recommended format.
The framework sets no penalties for non-disclosure, and the report does not describe a verification process for company lists. Nor does naming a mine and refiner establish the full chain of custody or determine whether a source is linked to criminal activity. The council’s exclusions leave some commercial and logistical information outside the public record.
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Companies Decide How to Report
Gold producers can now use the council’s guidance to prepare annual disclosures, including in company or sustainability reports. The next practical signs of uptake will be which companies publish mine-by-mine lists, what period their first disclosures cover and whether they identify every refiner used by each mine.
Further clarification from the council on the initial reporting period and timing would help companies and readers compare disclosures. Stakeholders may also look to other supply-chain measures, including refiner reporting rules, to assess information the voluntary framework does not cover.
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Key Questions
What does the World Gold Council want miners to disclose?
The council recommends naming each doré-producing mine, its location, the refiner receiving its metal and the refiner’s country. Companies should list every recipient when a mine uses multiple refiners.
Is the disclosure legally required?
No. The framework is a recommendation, not a legal reporting requirement. The guidance also does not specify penalties for companies that do not disclose.
Does naming a refiner prove the gold was responsibly sourced?
No. A mine-to-refiner list can make part of the supply chain more visible, but it does not by itself verify the gold’s origin, its full chain of custody or whether it financed criminal activity.
When must companies publish their first disclosures?
The guidance recommends annual reporting for the preceding 12 months but does not identify the first reporting year or set a publication deadline.
What information can companies leave out?
Shipment weights, transport firms, routes, traders and exporters are not required. The guidance also allows exclusions for sensitive commercial information and details that could put workers’ safety at risk; certain non-doré materials are outside its scope.
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